GM on Chinese ‘life-support’

Vice-President Biden takes credit for the bumper-sticker slogan, “Bin Laden is dead and GM is alive.” He must have repeated it a hundred times at the Democrat Convention.

Well, bin Laden is truly dead. Although the circumstances of his death remain in some question, there is absolutely no doubt that all the military and covert activity, intelligence, blood, sweat and tears of many devoted men and women, all acting according to plans and programs initiated by former President Bush, came together at that time to allow the identity and assault of America’s most hated enemy by an elite SEAL Team who performed their mission fearlessly and brilliantly culminating in the bin Laden’s long anticipated meeting with Allah (may they both burn in Hell). Obama gave the order, reluctantly, after “sleeping on it!”

But is General Motors alive? Really? After receiving over 100 billion in TARP/stimulus money, three years later GM was worth only 34 billion; not a promising payoff for American taxpayers who hold the note on that loan. National Review, in a lengthy article, summarizes that “Unfortunately, assertions that “all loans have been repaid to the federal government,” that the bailout “saved more than one million American jobs,” that “U.S. automakers are hiring hundreds of thousands of new workers,” that GM is again the “number-one automaker” — all are based on creative accounting.”

But what is much more alarming is that GM is no longer an American company. It is now Chinese; large portions of the company under the control of the Chinese military.

So, when Ol’ Joe says “GM is alive,” we have to qualify that statement. Americans still hold the debt for a company that seems to survive mostly on its truck and SUV sales. It has closed its signature Volt line for now, due to anemic sales. In other words, as an American company of the future, GM is in a weak position. As fuel prices continue to rise seven of GM’s top sellers are likely to see a decline in sales because of their poor fuel efficiency.

So GM has buttressed their business plan by partnering with the Chinese government and Red Army. Dan Akerson, CEO, pronounced in a Shanghai meeting in 2011 that “70% GMs products are now made outside the U.S.” Yes, he did, just watch the video. Then he promises the Chinese that their share can increase dramatically, especially in their Cadillac line of luxury automobiles.

How many jobs will GM take to China and other countries while our grandchildren hold the note for billions of dollars of debt? What kind of payoff has been promised to UAW leadership? Does anyone believe that any of this will re-invigorate Detroit and stop the virulent decay of the city? This has to be investigated and reported, but without a free press any longer in the U.S., what’s the chance of that?

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